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Loan Options

Need-Based Loans

These federal loans are based on your Expected Family Contribution (EFC), which is a measure of your or your family's financial position. The EFC is used to determine your eligibility for federal student aid. To determine your EFC, complete the Free Application for Federal Student Aid (FAFSA). We have provided details on completing the FAFSA on our "How to Apply" page.

Federal Perkins Loans

This loan is for students who are US citizens/Permanent Residents with demonstrated financial need as determined by federal regulations.  The interest rate for the 2014-2015 academic year is fixed at 5%.  There are no origination or insurance fees. The interest does not accrue while the student is in school (at least half time), during the grace period and during periods of deferment.  Repayment begins nine months after graduation (or dropping below half time enrollment), continues for up to ten years and can be deferred for graduate school.  There are no penalties or fees if the student prepays their loan in part or in full.

To secure the loan:

  • Recipients are required to sign a promissory note prior to the Perkins Loan being disbursed each semester.  The promissory note will be made available to you in paper by Student Financial Services.  If you are eligible, the note will either be mailed to you, or you will be asked to visit Student Financial Services to sign the note. Failure to sign the promissory note will result in cancellation of the loan. 

Federal Subsidized Stafford Student Loan

This loan is for students who are US citizens/Permanent Residents with demonstrated financial need as determined by federal regulations.  The interest rate for the 2014-2015 academic year is fixed at 4.66% with a 1.072% origination fee.  The interest is paid by the federal government while the student is in school (at least half time), during the grace period and during periods of deferment.   Repayment begins six months after graduation (or dropping below half time enrollment), continues for up to ten years and can be deferred for graduate school.  There are no penalties or fees if the student prepays their loan in part or in full.

To secure the loan:        

 

Failure to sign the MPN and Entrance Counseling will result in cancellation of the loan.   


Non-Need-Based Loans

Students who do not demonstrate sufficient need for a subsidized loan may receive the following loans.

Federal Unsubsidized Stafford Student Loan

This loan is for students who are US citizens/Permanent Residents and is not based on financial need.  The interest rate for the 2014-2015 academic year is fixed at 4.66% with a 1.072% origination fee.  The federal government does not pay the interest on this loan, the interest accrues while the student is in school and can either be paid quarterly or can be capitalized at Repayment, meaning the interest would be added to the loan amount borrowed.   Repayment begins six months after graduation (or dropping below half time enrollment) and continues for up to ten years.  There are no penalties or fees if the student prepays their loan in part or in full.

To secure the loan:

Failure to sign the MPN and Entrance Counseling will result in cancellation of the loan.

Alternative Loans

Alternative loans are available through several lending agencies. Most loans carry a variable interest rate, but there are a few that offer a fixed interest rate. Simmons College strongly recommends securing a loan with a fixed-interest rate. Interest rates can also vary widely from lender to lender for the same borrower. We recommend that students interested in an alternative loan compare rates carefully and know what their monthly repayment schedule will be.

NOTE: Simmons College does not recommend any particular lender or group of lenders to its students.

There are many lenders available who offer alternative loans. To help you find a lender, we recommend reviewing these sites:

  • FinAid.org provides a list of the more popular lenders. Be advised that the FinAid.org list is very limited and will not provide you with a comprehensive list of all available lenders.

You may find the following tools helpful in researching alternative loans:

How to Sign Your Federal Loan Promissory Note

Once you've been awarded a loan, go to studentloans.gov and click the link to complete a new Master Promissory Note (MPN). Then, follow the instructions and prompts on each page until you are given the message "SUCCESS! Now Print Your MPN."

To sign the Master Promissory Note, you will need several pieces of information:

  • The borrower's PIN (a PIN can be obtained, or a duplicate requested, at www.pin.ed.gov)
  • The borrower's driver's license number
  • The names, completed addresses, and phone numbers for two references living at two separate addresses. One should be a family member.